Asian Banks Fuel More Than $2 Billion Loan Boom in Middle East - Bloomberg
Middle East borrowers are ramping up loans that are being syndicated in Asia Pacific as they look to diversify fundraising beyond global bond and domestic markets.
More than $2 billion of Middle East deals targeting Asian bank liquidity have launched in recent weeks, including Saudi Electricity’s $1 billion loan, Banque Saudi Fransi’s $750 million facility and a $500 million financing for Al Ahli Bank of Kuwait.
The growing need for Middle East borrowers, primarily those from the Gulf States, to look beyond domestic capital markets comes as many regional economies press ahead with expensive diversification plans, in an environment where low oil prices are seen challenging growth and finances.
Saudi Arabia is running a fiscal deficit, with oil prices being far below the level of $92 a barrel the International Monetary Fund says it needs to balance its budget. That’s led to the government and Saudi companies ramping up borrowing to fund Crown Prince Mohammed bin Salman’s $2 trillion transformation program. Meanwhile, Qatar, Kuwait and the United Arab Emirates are among others that have agendas that will require heavy investment over several years to diversify revenues away from traditional energy sources.
“Middle Eastern borrowers, given the significant borrowing requirements, have been much more open to diversifying their lending relationships and willing to tap into the demand from Asia,” said Amit Lakhwani, global head of loan syndicate at Standard Chartered Plc. Asia also offers opportunities to borrow in new currencies or tenors versus what is available to them in the Middle East market, he added.
The volume of loans raised by Middle East borrowers in Asia Pacific touched a six-year high of $5.2 billion in 2024, according to Bloomberg-compiled data. The flurry of recent deals follow the closing of Qatar National Bank’s $2 billion borrowing in March that drew nearly 30 lenders, largely comprising Chinese, Japanese and Taiwanese banks, the data showed. Saudi Arabia’s Al Rajhi Bank more recently signed an around $2.3 billion five-year loan, which also attracted some Asian lenders.
Such deals have historically done well in Asia. There’s a huge demand from Asian banks to join the loans of Middle Eastern borrowers given the dearth of transactions back home. The volume of syndicated facilities — denominated in the US dollar, euro and Japanese yen — slumped 30% to $53 billion so far this year in Asia Pacific ex-Japan, according to Bloomberg-compiled data. That’s the lowest tally in at least a decade.
Moreover, not only do companies from the Middle East often have better credit ratings, but such deals are able to offer higher returns versus similarly-rated Asian entities, said Aaron Chow, managing director for loan capital markets, Asia Pacific at Sumitomo Mitsui Banking Corp.
The recent five-year loan of Saudi Electricity, which is rated A+ by Fitch, pays an interest margin of around 85 basis points over the benchmark Secured Overnight Financing Rate. In contrast, the recent nearly five-year borrowing of South Korea’s Shinhan Card, which is rated A by Fitch, offers margin of 80 basis points over SOFR.
Still, some of these deals could experience some headwinds given that banks have internal limits on how much capital can be deployed into a specific country and sector.
Monday, 30 June 2025
#Saudi PE Firm Jadwa Invests $45 Million in PetroApp Ahead of IPO - Bloomberg
Saudi PE Firm Jadwa Invests $45 Million in PetroApp Ahead of IPO - Bloomberg
Saudi private equity firm Jadwa Investment has committed $45 million to Saudi fuel and fleet management firm PetroApp, with a view toward taking the company public by 2028.
The funding is part of a $50 million round for PetroApp that also includes Abu Dhabi-based Bunat Ventures, according to a statement. Jadwa is investing through its flagship blind pool fund and said it expects to finalize another deal with a healthcare company before the end of 2025.
Jadwa has completed a number of deals in recent weeks as part of a broader strategy to scale regional businesses and capitalize on public offering momentum. It aims to raise another $104 million for its blind pool fund before year-end and is also said to be looking to divest its stake in Saudi firm UniPharma at valuation of $267 million.
Founded in 2018, PetroApp seeks to improve cost control for corporates and governments by offering digital fuel payment and fleet management solutions. It operates across a network of more than 5,000 fuel stations in Saudi Arabia, Egypt, Thailand and Nigeria, and is preparing to launch retail offerings in the kingdom.
Jadwa remains one of Saudi Arabia’s most active investment managers, overseeing about $30 billion in client assets.
Saudi private equity firm Jadwa Investment has committed $45 million to Saudi fuel and fleet management firm PetroApp, with a view toward taking the company public by 2028.
The funding is part of a $50 million round for PetroApp that also includes Abu Dhabi-based Bunat Ventures, according to a statement. Jadwa is investing through its flagship blind pool fund and said it expects to finalize another deal with a healthcare company before the end of 2025.
Jadwa has completed a number of deals in recent weeks as part of a broader strategy to scale regional businesses and capitalize on public offering momentum. It aims to raise another $104 million for its blind pool fund before year-end and is also said to be looking to divest its stake in Saudi firm UniPharma at valuation of $267 million.
Founded in 2018, PetroApp seeks to improve cost control for corporates and governments by offering digital fuel payment and fleet management solutions. It operates across a network of more than 5,000 fuel stations in Saudi Arabia, Egypt, Thailand and Nigeria, and is preparing to launch retail offerings in the kingdom.
Jadwa remains one of Saudi Arabia’s most active investment managers, overseeing about $30 billion in client assets.
Oil Traders Expect a Fourth Bumper OPEC+ Oil Supply Increase - Bloomberg
Oil Traders Expect a Fourth Bumper OPEC+ Oil Supply Increase - Bloomberg
Oil traders expect OPEC+ will agree a fourth bumper oil supply increase this weekend as group leader Saudi Arabia continues its bid to reclaim market share.
Eight key OPEC+ nations are preparing to discuss another hike of 411,000 barrels a day, due to take effect in August, delegates said last week. They’ll likely approve the move when they hold a video conference on Sunday, according to a survey of 32 traders and analysts.
The Organization of the Petroleum Exporting Countries and its allies have been reviving halted output at triple the initially-scheduled rate during the past three months, despite faltering fuel demand and signs of global oversupply.
The unexpected strategy pivot has heaped pressure on crude prices, which slid last week after a truce between Israel and Iran soothed fears over risks to Middle East exports. Brent futures are trading near $68 a barrel, down more than 9% since the start of the year.
OPEC’s choice will shape the trajectory for oil prices in the months ahead. Opening the taps stands to swell an impending global surplus, deepening a price slide that has tempered inflation but slashed revenues for producing nations.
Delegates have pointed to a range of reasons for the cartel’s shift. Those include meeting rising demand, as well as Saudi Arabia’s efforts to discipline overproducing members, appease President Donald Trump and regain market share.
Riyadh wants to revive idled oil output as quickly as possible, having grown frustrated with ceding sales volumes to US shale drillers and other rivals, people familiar with the matter said earlier this month.
“As the dust settles after the 12-day war, OPEC+ is expected to press ahead with the swift rollback,” said Jorge Leon, an analyst at research firm Rystad Energy A/S who previously worked at the OPEC secretariat. “There’s ample space for the alliance to recapture market share, while still keeping prices comfortably above $60.”
Thirty of the 32 survey respondents predicted that OPEC+ will ratify a boost of 411,000 barrels a day on Sunday, extending the run of similar-sized additions agreed for May, June and July. The other two forecast hikes of a smaller or unspecified size.
Russia, which led a short-lived opposition to the last super-sized increase, appears to have softened its position, signaling it will accept another boost if that’s the group’s consensus.
OPEC+ has so far agreed to restore roughly two-thirds of a 2.2 million-barrel cutback it implemented in 2023 in an effort to shore up oil prices. Another couple of hikes would complete the process, leaving the group to consider unwinding a further layer of supply restraints.
Still, the actual additions have so far been less than the promised amounts, in part because some members — such as Iraq and Russia — have forgone permitted increases to compensate for earlier overproduction. In May, the eight countries added just 154,000 of the possible 411,000 barrels.
Kazakhstan, the most egregious of the cheats, continues to flout its production limit by several hundred thousand barrels a day — a source of frustration for the Saudis. The country has limited ability to rein in the international firms expanding its production capacity, and has made little effort to do so.
Further OPEC+ increases are expected to pile more downward pressure on prices, and add to the strain on members’ finances. JPMorgan Chase & Co. projects that Brent futures will decline to the low $60s later this year, and fall further in 2026.
Nonetheless, with the organization’s quota-violators showing such limited signs of penance, Riyadh may resolve to press on with further additions.
“OPEC+ has adopted a market share strategy,” said Harry Tchilinguirian, group head of research at Onyx Capital Group. “The cat’s out of the bag, and they will not attempt to put it back in.”
Oil traders expect OPEC+ will agree a fourth bumper oil supply increase this weekend as group leader Saudi Arabia continues its bid to reclaim market share.
Eight key OPEC+ nations are preparing to discuss another hike of 411,000 barrels a day, due to take effect in August, delegates said last week. They’ll likely approve the move when they hold a video conference on Sunday, according to a survey of 32 traders and analysts.
The Organization of the Petroleum Exporting Countries and its allies have been reviving halted output at triple the initially-scheduled rate during the past three months, despite faltering fuel demand and signs of global oversupply.
The unexpected strategy pivot has heaped pressure on crude prices, which slid last week after a truce between Israel and Iran soothed fears over risks to Middle East exports. Brent futures are trading near $68 a barrel, down more than 9% since the start of the year.
OPEC’s choice will shape the trajectory for oil prices in the months ahead. Opening the taps stands to swell an impending global surplus, deepening a price slide that has tempered inflation but slashed revenues for producing nations.
Delegates have pointed to a range of reasons for the cartel’s shift. Those include meeting rising demand, as well as Saudi Arabia’s efforts to discipline overproducing members, appease President Donald Trump and regain market share.
Riyadh wants to revive idled oil output as quickly as possible, having grown frustrated with ceding sales volumes to US shale drillers and other rivals, people familiar with the matter said earlier this month.
“As the dust settles after the 12-day war, OPEC+ is expected to press ahead with the swift rollback,” said Jorge Leon, an analyst at research firm Rystad Energy A/S who previously worked at the OPEC secretariat. “There’s ample space for the alliance to recapture market share, while still keeping prices comfortably above $60.”
Thirty of the 32 survey respondents predicted that OPEC+ will ratify a boost of 411,000 barrels a day on Sunday, extending the run of similar-sized additions agreed for May, June and July. The other two forecast hikes of a smaller or unspecified size.
Russia, which led a short-lived opposition to the last super-sized increase, appears to have softened its position, signaling it will accept another boost if that’s the group’s consensus.
OPEC+ has so far agreed to restore roughly two-thirds of a 2.2 million-barrel cutback it implemented in 2023 in an effort to shore up oil prices. Another couple of hikes would complete the process, leaving the group to consider unwinding a further layer of supply restraints.
Still, the actual additions have so far been less than the promised amounts, in part because some members — such as Iraq and Russia — have forgone permitted increases to compensate for earlier overproduction. In May, the eight countries added just 154,000 of the possible 411,000 barrels.
Kazakhstan, the most egregious of the cheats, continues to flout its production limit by several hundred thousand barrels a day — a source of frustration for the Saudis. The country has limited ability to rein in the international firms expanding its production capacity, and has made little effort to do so.
Further OPEC+ increases are expected to pile more downward pressure on prices, and add to the strain on members’ finances. JPMorgan Chase & Co. projects that Brent futures will decline to the low $60s later this year, and fall further in 2026.
Nonetheless, with the organization’s quota-violators showing such limited signs of penance, Riyadh may resolve to press on with further additions.
“OPEC+ has adopted a market share strategy,” said Harry Tchilinguirian, group head of research at Onyx Capital Group. “The cat’s out of the bag, and they will not attempt to put it back in.”
CVC, Tabreed enter partnership to buy #UAE district cooling business | Reuters
CVC, Tabreed enter partnership to buy UAE district cooling business | Reuters
United Arab Emirates' Tabreed (TABR.DU), opens new tab and private equity firm CVC's (CVC.AS), opens new tab infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's (MULTIPLY.AD), opens new tab district cooling business, according to a statement on Monday.
CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion), CVC DIF, Tabreed and Multiply Group said in a joint statement.
The deal is subject to customary regulatory approvals.
Multiply Group was advised by Standard Chartered and Clifford Chance, according to the statement, while Tabreed and CVC DIF were advised by Citi, Synergy Consulting and White & Case.
Reuters reported on May 30 that CVC and Tabreed were in exclusive talks to buy PAL Cooling Holding.
The interest in PAL Cooling Holding highlights how international buyout groups are increasingly looking to invest in the Gulf region as governments there strive to diversify their economies from oil.
District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning.
They are popular in the United Arab Emirates and elsewhere in the Arabian Peninsula, where summer air temperatures can soar above 50 degrees Celsius (122 degrees Fahrenheit).
United Arab Emirates' Tabreed (TABR.DU), opens new tab and private equity firm CVC's (CVC.AS), opens new tab infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's (MULTIPLY.AD), opens new tab district cooling business, according to a statement on Monday.
CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion), CVC DIF, Tabreed and Multiply Group said in a joint statement.
The deal is subject to customary regulatory approvals.
Multiply Group was advised by Standard Chartered and Clifford Chance, according to the statement, while Tabreed and CVC DIF were advised by Citi, Synergy Consulting and White & Case.
Reuters reported on May 30 that CVC and Tabreed were in exclusive talks to buy PAL Cooling Holding.
The interest in PAL Cooling Holding highlights how international buyout groups are increasingly looking to invest in the Gulf region as governments there strive to diversify their economies from oil.
District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning.
They are popular in the United Arab Emirates and elsewhere in the Arabian Peninsula, where summer air temperatures can soar above 50 degrees Celsius (122 degrees Fahrenheit).
#Saudi wealth fund annual profit tumbles 60% as high rates, inflation bite | Reuters
Saudi wealth fund annual profit tumbles 60% as high rates, inflation bite | Reuters
Saudi Arabia's sovereign wealth fund's assets exceeded $1 trillion in 2024, but its net profit slumped 60% from a year earlier, it reported on Monday, hurt by high interest rates and inflation as well as impairments on some projects.
The Public Investment Fund's net profit fell to 25.8 billion riyals ($6.9 billion), it said in a statement, adding that impairments primarily related to changes to operational plans and increases in budgeted costs.
The PIF is steering Saudi Arabia's ambitious economic agenda aimed at weaning the Gulf country's economy off oil.
Under the plan, dubbed "Vision 2030", the kingdom has poured hundreds of billions of dollars through the PIF into projects including NEOM, a massive urban and industrial development project nearly the size of Belgium to be built along the Red Sea coast.
"The prioritisation of some projects and the extension in the timelines of some giga projects could have been a factor for the impairments," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
"The rising cost of projects has also been a key challenge, and a factor behind the recalibration of the investment programme," she added.
Total assets under management rose 18% to 4.321 trillion riyals from 3.664 trillion riyals a year earlier, it said.
With a portfolio of investments ranging from date farms to multinational conglomerates, the PIF's sources of income include dividends from key portfolio companies including oil giant Saudi Aramco (2223.SE), opens new tab and the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
It reported net profit of 64.4 billion riyals for 2023 in its consolidated statement on Monday.
However, its comprehensive income statement showed that the 138.1 billion riyals reported for 2023 in July last year had swung to a loss of 140 billion riyals this year. A comprehensive income statement includes items such as unrealised gains and losses as well as the change in value of some of a company's assets.
It said cash remained steady at 316 billion riyals, while group loans and borrowing increased slightly to 570 billion riyals.
Saudi Arabia's sovereign wealth fund's assets exceeded $1 trillion in 2024, but its net profit slumped 60% from a year earlier, it reported on Monday, hurt by high interest rates and inflation as well as impairments on some projects.
The Public Investment Fund's net profit fell to 25.8 billion riyals ($6.9 billion), it said in a statement, adding that impairments primarily related to changes to operational plans and increases in budgeted costs.
The PIF is steering Saudi Arabia's ambitious economic agenda aimed at weaning the Gulf country's economy off oil.
Under the plan, dubbed "Vision 2030", the kingdom has poured hundreds of billions of dollars through the PIF into projects including NEOM, a massive urban and industrial development project nearly the size of Belgium to be built along the Red Sea coast.
"The prioritisation of some projects and the extension in the timelines of some giga projects could have been a factor for the impairments," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
"The rising cost of projects has also been a key challenge, and a factor behind the recalibration of the investment programme," she added.
Total assets under management rose 18% to 4.321 trillion riyals from 3.664 trillion riyals a year earlier, it said.
With a portfolio of investments ranging from date farms to multinational conglomerates, the PIF's sources of income include dividends from key portfolio companies including oil giant Saudi Aramco (2223.SE), opens new tab and the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
It reported net profit of 64.4 billion riyals for 2023 in its consolidated statement on Monday.
However, its comprehensive income statement showed that the 138.1 billion riyals reported for 2023 in July last year had swung to a loss of 140 billion riyals this year. A comprehensive income statement includes items such as unrealised gains and losses as well as the change in value of some of a company's assets.
It said cash remained steady at 316 billion riyals, while group loans and borrowing increased slightly to 570 billion riyals.
Gulf bourses end mixed; #Dubai at 17-year high | Reuters
Gulf bourses end mixed; Dubai at 17-year high | Reuters
Stock markets in the Gulf ended mixed on Monday with some including the Saudi index hit by profit-taking, while those in the United Arab Emirates continued their rebound following Iran-Israel ceasefire and Dubai reached a 17-year high.
Dubai's main share index (.DFMGI), opens new tab rose for sixth consecutive session to close 0.4% higher, at its highest since June 2008, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 1.1%.
In other sectors, National Central Cooling Co (Tabreed) (TABR.DU), opens new tab advanced 1.8%.
Tabreed and private equity firm CVC's (CVC.AS), opens new tab infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's (MULTIPLY.AD), opens new tab district cooling business.
CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion).
Multiply Group shares were up 2.6%.
The market appears well-supported by strong fundamentals for a continued upward trend, said Osama Al Saifi, Managing Director for MENA at Traze.
In Abu Dhabi, the index (.FTFADGI), opens new tab gained 0.7%.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, snapping a five-session winning streak, weighed down by a 2.5% fall in Al Rajhi Bank (1120.SE), opens new tab.
The Saudi market concluded its second quarter with losses. The next significant event could be upcoming second-quarter earnings results, which could help spur a recovery in the second half of the year, said Al Saifi.
"However, the potential for lower oil prices remains a headwind," he said.
On the other hand, oil giant Saudi Aramco (2222.SE), opens new tab added 0.1%.
Oil prices - a catalyst for the Gulf's financial markets - held steady as Middle East risks eased, while a possible OPEC+ output increase in August and uncertainty over the global demand outlook weighed on the market.
The Qatari benchmark (.QSI), opens new tab lost 0.2%, ending six consecutive sessions of gains, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab declining 1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.1%, with Talaat Moustafa Group Holding (TMGH.CA), opens new tab dropping 2.3%.
Meanwhile, Egypt's economy grew by 4.77% in the third quarter of its 2024/25 fiscal year, up from 2.2% in the same quarter a year earlier, as manufacturing activity recovered, the planning ministry said on Monday.
Stock markets in the Gulf ended mixed on Monday with some including the Saudi index hit by profit-taking, while those in the United Arab Emirates continued their rebound following Iran-Israel ceasefire and Dubai reached a 17-year high.
Dubai's main share index (.DFMGI), opens new tab rose for sixth consecutive session to close 0.4% higher, at its highest since June 2008, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 1.1%.
In other sectors, National Central Cooling Co (Tabreed) (TABR.DU), opens new tab advanced 1.8%.
Tabreed and private equity firm CVC's (CVC.AS), opens new tab infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's (MULTIPLY.AD), opens new tab district cooling business.
CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion).
Multiply Group shares were up 2.6%.
The market appears well-supported by strong fundamentals for a continued upward trend, said Osama Al Saifi, Managing Director for MENA at Traze.
In Abu Dhabi, the index (.FTFADGI), opens new tab gained 0.7%.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, snapping a five-session winning streak, weighed down by a 2.5% fall in Al Rajhi Bank (1120.SE), opens new tab.
The Saudi market concluded its second quarter with losses. The next significant event could be upcoming second-quarter earnings results, which could help spur a recovery in the second half of the year, said Al Saifi.
"However, the potential for lower oil prices remains a headwind," he said.
On the other hand, oil giant Saudi Aramco (2222.SE), opens new tab added 0.1%.
Oil prices - a catalyst for the Gulf's financial markets - held steady as Middle East risks eased, while a possible OPEC+ output increase in August and uncertainty over the global demand outlook weighed on the market.
The Qatari benchmark (.QSI), opens new tab lost 0.2%, ending six consecutive sessions of gains, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab declining 1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.1%, with Talaat Moustafa Group Holding (TMGH.CA), opens new tab dropping 2.3%.
Meanwhile, Egypt's economy grew by 4.77% in the third quarter of its 2024/25 fiscal year, up from 2.2% in the same quarter a year earlier, as manufacturing activity recovered, the planning ministry said on Monday.
Sunday, 29 June 2025
#Saudi FDI Inflows Signal Momentum in Push For Foreign Cash - Bloomberg
Saudi FDI Inflows Signal Momentum in Push For Foreign Cash - Bloomberg
Saudi Arabia saw its strongest start to a year for foreign direct investment since 2022, in an early signal the kingdom is gaining some traction in its push to attract overseas capital to support its economic ambitions.
FDI inflows amounted to $6.4 billion in the first quarter, according to preliminary data released on Sunday by the General Authority for Statistics. That’s up 24% from a year earlier and down only slightly from the prior quarter, when inflows reached a one-year high.
Saudi Arabia has made FDI a key focus as it aims to draw in foreign capital to help support the heavy investment needed for Crown Prince Mohammed bin Salman’s multi-trillion dollar economic diversification program. But the kingdom has faced challenges in doing so, with inflows stagnating until recently amid investor challenges and a lack of mega deals.
The need for FDI is becoming increasingly more acute as Saudi Arabia faces deeper budget deficits due to a combination of low crude prices, falling oil export revenue and elevated investment.
While the past two quarters indicate progress on FDI, the kingdom will need a record haul this year to meet its annual target of drawing in $37 billion. It fell short of its 2024 goal by several billion dollars, according to preliminary data.
In other economic figures released on Sunday, Saudi Arabia’s net foreign assets rose to a nine-month high of $435 billion in May. The Saudi unemployment rate fell to a historic low of 6.3% in the first quarter.
The International Monetary Fund recently highlighted continued strength in the labor market, the economy’s resilience to shocks and said it expects Saudi GDP to grow by 3.5% this year, up from a prior 3%.
Saudi Arabia saw its strongest start to a year for foreign direct investment since 2022, in an early signal the kingdom is gaining some traction in its push to attract overseas capital to support its economic ambitions.
FDI inflows amounted to $6.4 billion in the first quarter, according to preliminary data released on Sunday by the General Authority for Statistics. That’s up 24% from a year earlier and down only slightly from the prior quarter, when inflows reached a one-year high.
Saudi Arabia has made FDI a key focus as it aims to draw in foreign capital to help support the heavy investment needed for Crown Prince Mohammed bin Salman’s multi-trillion dollar economic diversification program. But the kingdom has faced challenges in doing so, with inflows stagnating until recently amid investor challenges and a lack of mega deals.
The need for FDI is becoming increasingly more acute as Saudi Arabia faces deeper budget deficits due to a combination of low crude prices, falling oil export revenue and elevated investment.
While the past two quarters indicate progress on FDI, the kingdom will need a record haul this year to meet its annual target of drawing in $37 billion. It fell short of its 2024 goal by several billion dollars, according to preliminary data.
In other economic figures released on Sunday, Saudi Arabia’s net foreign assets rose to a nine-month high of $435 billion in May. The Saudi unemployment rate fell to a historic low of 6.3% in the first quarter.
The International Monetary Fund recently highlighted continued strength in the labor market, the economy’s resilience to shocks and said it expects Saudi GDP to grow by 3.5% this year, up from a prior 3%.
#SaudiArabia's net foreign direct investment falls 7% in Q1 | Reuters
Saudi Arabia's net foreign direct investment falls 7% in Q1 | Reuters
Saudi Arabia's net foreign direct investment (FDI) fell 7% in the first quarter of 2025 compared to the previous quarter, government data showed on Sunday, as the kingdom continues to lag behind its ambitious FDI goals.
The kingdom drew 22.2 billion riyals ($5.92 billion) in FDI in the three months ended March 31 from 24 billion riyals ($6.40 billion) in the last three months of 2024.
Net FDI rose 44% compared to the same quarter the previous year when the kingdom drew 15.5 billion riyals ($4.13 billion), the General Authority of Statistics data showed.
Raising FDI is a key element of the kingdom's Vision 2030 economic transformation programme, which aims to lower the country's dependence on oil, expand the private sector, and create jobs.
Saudi Arabia has set a goal of attracting $100 billion in FDI by 2030, spending massively on huge development projects known as "giga projects" and expanding sectors like sports, tourism, and entertainment.
Saudi Arabia was the largest emerging market dollar debt issuer last year, but the IMF says the country has room to continue borrowing, with its net debt around 17% of GDP making it one of the least indebted nations globally.
Riyadh has taken steps to encourage foreign firms to invest more in the country.
Since 2021 companies seeking to secure state contracts have been required to set up their regional headquarters in Saudi Arabia.
The government has also said it would update existing investment laws to boost transparency and promote equal treatment of local and foreign investors.
Saudi Arabia's net foreign direct investment (FDI) fell 7% in the first quarter of 2025 compared to the previous quarter, government data showed on Sunday, as the kingdom continues to lag behind its ambitious FDI goals.
The kingdom drew 22.2 billion riyals ($5.92 billion) in FDI in the three months ended March 31 from 24 billion riyals ($6.40 billion) in the last three months of 2024.
Net FDI rose 44% compared to the same quarter the previous year when the kingdom drew 15.5 billion riyals ($4.13 billion), the General Authority of Statistics data showed.
Raising FDI is a key element of the kingdom's Vision 2030 economic transformation programme, which aims to lower the country's dependence on oil, expand the private sector, and create jobs.
Saudi Arabia has set a goal of attracting $100 billion in FDI by 2030, spending massively on huge development projects known as "giga projects" and expanding sectors like sports, tourism, and entertainment.
But FDI numbers remain far from that target.
Saudi Arabia has been seen as a source of capital rather than a home for investment, and foreign investors can find it difficult to navigate the kingdom's business environment, sources told Reuters when the FDI goal was first announced in 2021.
The kingdom is projected to post a fiscal deficit of around $27 billion this year, which will largely be financed by borrowing, said a recent report by the International Monetary Fund.
The kingdom is projected to post a fiscal deficit of around $27 billion this year, which will largely be financed by borrowing, said a recent report by the International Monetary Fund.
Saudi Arabia was the largest emerging market dollar debt issuer last year, but the IMF says the country has room to continue borrowing, with its net debt around 17% of GDP making it one of the least indebted nations globally.
Riyadh has taken steps to encourage foreign firms to invest more in the country.
Since 2021 companies seeking to secure state contracts have been required to set up their regional headquarters in Saudi Arabia.
The government has also said it would update existing investment laws to boost transparency and promote equal treatment of local and foreign investors.
Most Gulf markets end higher on Iran ceasefire, US rate cut expectations | Reuters
Most Gulf markets end higher on Iran ceasefire, US rate cut expectations | Reuters
Most Gulf stock markets closed higher on Sunday, rebounding to levels last seen before the recent Iran-Israel conflict, as a holding ceasefire and growing expectations of U.S. rate cuts lifted investor sentiment.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1.2%, led by a 2.3% rise in Al Rajhi Bank (1120.SE), opens new tab and a 3.3% increase in Riyad Bank (1010.SE), opens new tab.
The International Monetary Fund on Thursday raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts.
The world's largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, Reuters reported on Friday, citing four delegates from the group.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.6% higher, with Commercial International Bank (COMI.CA), opens new tab climbing 1.2% higher.
Most Gulf stock markets closed higher on Sunday, rebounding to levels last seen before the recent Iran-Israel conflict, as a holding ceasefire and growing expectations of U.S. rate cuts lifted investor sentiment.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1.2%, led by a 2.3% rise in Al Rajhi Bank (1120.SE), opens new tab and a 3.3% increase in Riyad Bank (1010.SE), opens new tab.
The International Monetary Fund on Thursday raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts.
The world's largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, Reuters reported on Friday, citing four delegates from the group.
Qatar stock index (.QSI), opens new tab gained 0.8%, with almost all its constituents in positive territory, including the country's largest lender, Qatar National Bank (QNBK.QA), opens new tab, which rose 1.2%.
Investor focus also shifted toward potential U.S. monetary policy easing amid speculation that President Donald Trump may replace the Federal Reserve chair early, fuelling expectations of a more dovish stance from the central bank.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.6% higher, with Commercial International Bank (COMI.CA), opens new tab climbing 1.2% higher.
Friday, 27 June 2025
Santos grants six weeks exclusive due diligence to ADNOC-led consortium | Reuters
Santos grants six weeks exclusive due diligence to ADNOC-led consortium | Reuters
Australia's Santos (STO.AX), opens new tab said on Friday it had granted exclusive due diligence for a period of six weeks to an international consortium led by Abu Dhabi's National Oil Company (ADNOC), which had offered $18.7 billion for the gas producer.
ADNOC's investment arm XRG, along with Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle, had offered $5.76 (A$8.89) per Santos share when the proposal was announced in mid-June.
At the time, the XRG consortium said it was negotiating to carry out due diligence with Santos on an exclusive basis before formalising the offer which would need at least 75% support from Santos investors.
The consortium has also agreed to a confidentiality agreement with Santos, the Australian energy firm said.
XRG now stands on the cusp of a deal that would give it stakes in major operations across Australia and Papua New Guinea— pending regulatory approval.
Carlyle and XRG did not immediately respond to Reuters requests for comment.
Australia's Santos (STO.AX), opens new tab said on Friday it had granted exclusive due diligence for a period of six weeks to an international consortium led by Abu Dhabi's National Oil Company (ADNOC), which had offered $18.7 billion for the gas producer.
ADNOC's investment arm XRG, along with Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle, had offered $5.76 (A$8.89) per Santos share when the proposal was announced in mid-June.
At the time, the XRG consortium said it was negotiating to carry out due diligence with Santos on an exclusive basis before formalising the offer which would need at least 75% support from Santos investors.
The consortium has also agreed to a confidentiality agreement with Santos, the Australian energy firm said.
XRG now stands on the cusp of a deal that would give it stakes in major operations across Australia and Papua New Guinea— pending regulatory approval.
Carlyle and XRG did not immediately respond to Reuters requests for comment.
UAE fund buys $100 million of Trump's World Liberty tokens | Reuters
UAE fund buys $100 million of Trump's World Liberty tokens | Reuters
A United Arab Emirates-based fund has bought $100 million worth of digital tokens issued by World Liberty Financial, the crypto venture of U.S. President Donald Trump's family, becoming its largest publicly known investor.
Aqua 1 Foundation said in a statement on Thursday its purchase of the tokens, known as $WLFI, sought to speed up the creation of a "blockchain-powered financial ecosystem" with stablecoins and tokenised traditional assets at its heart.
A spokesperson for World Liberty confirmed the investment to Reuters.
A so-called governance token, $WLFI cannot be traded but gives holders the right to vote on changes to the business' underlying code. World Liberty said this week it was "working behind the scenes" to make the token transferable.
"WLFI and Aqua 1 will jointly identify and nurture high-potential blockchain projects together," Aqua 1 founding partner Dave Lee said in the statement. The fund's investment and compliance teams would help World Liberty expand in South America, Europe and Asia, it added.
Despite its investment, Aqua 1 maintains a minimal online presence. Its X account has only three posts and approximately 1,120 followers while its website was created on May 28, according to data from two web domain trackers.
World Liberty also plans to support the launch of a separate Aqua 1 fund aimed at boosting the "digital economy transformation" in the Middle East through blockchain and artificial intelligence, the statement said.
Aqua 1 did not immediately respond to a request for comment, and the World Liberty spokesperson had no further immediate comment.
Launched two months before the 2024 U.S. presidential election by Trump and his business partners, World Liberty has yielded hundreds of millions of dollars in revenue for the Republican president's family business.
World Liberty has drawn criticism from Democratic lawmakers and government ethics watchdogs over potential conflicts of interest. The Trump Organization has said the president's investments, assets and business interests are held in a trust managed by his children.
World Liberty aims to open access to financial services via digital tokens, without intermediaries such as banks.
It has launched a stablecoin called USD1 that was bolstered in May when an Abu Dhabi investment firm chose it for a $2 billion investment in giant crypto exchange Binance.
A United Arab Emirates-based fund has bought $100 million worth of digital tokens issued by World Liberty Financial, the crypto venture of U.S. President Donald Trump's family, becoming its largest publicly known investor.
Aqua 1 Foundation said in a statement on Thursday its purchase of the tokens, known as $WLFI, sought to speed up the creation of a "blockchain-powered financial ecosystem" with stablecoins and tokenised traditional assets at its heart.
A spokesperson for World Liberty confirmed the investment to Reuters.
A so-called governance token, $WLFI cannot be traded but gives holders the right to vote on changes to the business' underlying code. World Liberty said this week it was "working behind the scenes" to make the token transferable.
"WLFI and Aqua 1 will jointly identify and nurture high-potential blockchain projects together," Aqua 1 founding partner Dave Lee said in the statement. The fund's investment and compliance teams would help World Liberty expand in South America, Europe and Asia, it added.
Despite its investment, Aqua 1 maintains a minimal online presence. Its X account has only three posts and approximately 1,120 followers while its website was created on May 28, according to data from two web domain trackers.
World Liberty also plans to support the launch of a separate Aqua 1 fund aimed at boosting the "digital economy transformation" in the Middle East through blockchain and artificial intelligence, the statement said.
Aqua 1 did not immediately respond to a request for comment, and the World Liberty spokesperson had no further immediate comment.
Launched two months before the 2024 U.S. presidential election by Trump and his business partners, World Liberty has yielded hundreds of millions of dollars in revenue for the Republican president's family business.
World Liberty has drawn criticism from Democratic lawmakers and government ethics watchdogs over potential conflicts of interest. The Trump Organization has said the president's investments, assets and business interests are held in a trust managed by his children.
World Liberty aims to open access to financial services via digital tokens, without intermediaries such as banks.
It has launched a stablecoin called USD1 that was bolstered in May when an Abu Dhabi investment firm chose it for a $2 billion investment in giant crypto exchange Binance.
Maciej Wojtal on #Iran's Stock Market - Bloomberg
Maciej Wojtal on Iran's Stock Market - Bloomberg
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Iran is a huge country with a sizable stock market. And yet, years of sanctions and other restrictions mean it’s tough to even look up its stock prices (much less invest there.) In this episode, we catch up with Maciej Wojtal, CEO and CIO of AmtelonCapital, an Amsterdam-based fund that specializes in Iranian stocks. We talk about what the past week has been like for the market, what he’s hearing from people on the ground in Tehran, plus disruptions to businesses and oil. We talk about how Iranian investors handle major geopolitical risk and the outlook from here.
Thursday, 26 June 2025
Brookfield Said to Near First Deal in #Oman With Telco Firm Stake - Bloomberg
Brookfield Said to Near First Deal in Oman With Telco Firm Stake - Bloomberg
Brookfield Asset Management Ltd. is nearing a deal to invest in a telecommunications tower operator in Oman, according to people familiar with the matter, marking the firm’s first foray into the sultanate.
The global investment manager is close to buying a majority stake in Oman Tower Co., which operates around 2,400 telecom sites across the country, the people said, requesting anonymity as the information is not yet public.
Investment bank PJT deNovo is advising the sellers, the people added. Financial terms of the potential transaction were not immediately available.
Representatives for Brookfield and PJT deNovo declined to comment, while OTC did not respond to requests for comment.
The deal for OTC is the latest commitment by Brookfield in the Gulf region where it has become one of the biggest foreign investors in recent years. The firm has been deploying money in sectors ranging from infrastructure to real estate and private equity.
Globally, Brookfield owns and operates assets across the utilities, transport, midstream and data infrastructure sectors — including the world’s second-largest portfolio of telecom towers.
OTC, established in 2018, works with Oman’s major mobile network operators. Burooj Telecommunication Networks and Al Surooh Investment will remain strategic investors, the people said.
Oman has long lagged regional peers such as the United Arab Emirates and Saudi Arabia in overhauling its domestic economy. But in recent years, it has stepped up efforts to sell state-owned assets and deepen capital markets as part of a broader push to diversify away from oil dependence. Earlier this month, the sultanate announced plans to impose income tax, becoming the first Gulf state to do so.
Brookfield Asset Management Ltd. is nearing a deal to invest in a telecommunications tower operator in Oman, according to people familiar with the matter, marking the firm’s first foray into the sultanate.
The global investment manager is close to buying a majority stake in Oman Tower Co., which operates around 2,400 telecom sites across the country, the people said, requesting anonymity as the information is not yet public.
Investment bank PJT deNovo is advising the sellers, the people added. Financial terms of the potential transaction were not immediately available.
Representatives for Brookfield and PJT deNovo declined to comment, while OTC did not respond to requests for comment.
The deal for OTC is the latest commitment by Brookfield in the Gulf region where it has become one of the biggest foreign investors in recent years. The firm has been deploying money in sectors ranging from infrastructure to real estate and private equity.
Globally, Brookfield owns and operates assets across the utilities, transport, midstream and data infrastructure sectors — including the world’s second-largest portfolio of telecom towers.
OTC, established in 2018, works with Oman’s major mobile network operators. Burooj Telecommunication Networks and Al Surooh Investment will remain strategic investors, the people said.
Oman has long lagged regional peers such as the United Arab Emirates and Saudi Arabia in overhauling its domestic economy. But in recent years, it has stepped up efforts to sell state-owned assets and deepen capital markets as part of a broader push to diversify away from oil dependence. Earlier this month, the sultanate announced plans to impose income tax, becoming the first Gulf state to do so.
Convenience Store Retailer Trolley Plans Rare IPO in #Kuwait - Bloomberg
Convenience Store Retailer Trolley Plans Rare IPO in Kuwait - Bloomberg
Kuwaiti convenience store Trolley is planning an initial public offering, according to people familiar with the matter, a rare transaction in one of the Gulf’s quietest markets for new share sales.
EFG Hermes and National Investments Co. are advising on the transaction, which could take place as early as this year, according to the people, who asked not to be named discussing information that isn’t public. No final decisions have been made on the listing, and details such as the size and exact timing have yet to be finalized, the people said.
Representatives for Trolley and NIC did not respond to requests for comment, while representatives for EFG declined to comment.
While Middle Eastern bourses like Saudi Arabia and the United Arab Emirates have seen a flurry of listings over the past four years, Kuwait has largely stayed on the sidelines. Only two companies have gone public in the Gulf state in that time - Beyout Investment Group Holding raised about $146 million in 2024, while Ali Alghanim Sons Automotive drew $322 million in 2022.
Still, Trolley’s planned listing comes as Kuwait’s bourse outperforms regional peers – its main share index is up more than 14% this year, outpacing Dubai’s 8.9% gain. Both gauges briefly dipped after the conflict between Israel and Iran flared up this month, but have since erased those losses and are nearing new highs as a truce appears to hold.
Trolley was founded in 2010 and has 170 stores in Kuwait, according to its website.
Investors have welcomed moves by ruler Sheikh Mishaal Al-Ahmed Al-Sabah to cut through political gridlock, including the suspension of parliament last year. That step cleared the path for long-awaited economic and fiscal reforms, which are yet to materialize.
The OPEC-member state in March approved a new debt law set to re-open international bond markets for Kuwait for the first time since 2017.
The country has already started the process of sending a request for proposal to banks to raise about $6 billion from international debt markets, Bloomberg News reported earlier this week.
The Gulf nation, home to a sovereign wealth fund valued at over $1 trillion, has long been hampered by a unique political structure—combining an elected parliament with a government appointed by the ruling family —that often resulted in legislative deadlock. That gridlock delayed key bills such as the public debt law, forcing the government to rely on the General Reserve Fund to cover budget deficits.
Kuwaiti convenience store Trolley is planning an initial public offering, according to people familiar with the matter, a rare transaction in one of the Gulf’s quietest markets for new share sales.
EFG Hermes and National Investments Co. are advising on the transaction, which could take place as early as this year, according to the people, who asked not to be named discussing information that isn’t public. No final decisions have been made on the listing, and details such as the size and exact timing have yet to be finalized, the people said.
Representatives for Trolley and NIC did not respond to requests for comment, while representatives for EFG declined to comment.
While Middle Eastern bourses like Saudi Arabia and the United Arab Emirates have seen a flurry of listings over the past four years, Kuwait has largely stayed on the sidelines. Only two companies have gone public in the Gulf state in that time - Beyout Investment Group Holding raised about $146 million in 2024, while Ali Alghanim Sons Automotive drew $322 million in 2022.
Still, Trolley’s planned listing comes as Kuwait’s bourse outperforms regional peers – its main share index is up more than 14% this year, outpacing Dubai’s 8.9% gain. Both gauges briefly dipped after the conflict between Israel and Iran flared up this month, but have since erased those losses and are nearing new highs as a truce appears to hold.
Trolley was founded in 2010 and has 170 stores in Kuwait, according to its website.
Investors have welcomed moves by ruler Sheikh Mishaal Al-Ahmed Al-Sabah to cut through political gridlock, including the suspension of parliament last year. That step cleared the path for long-awaited economic and fiscal reforms, which are yet to materialize.
The OPEC-member state in March approved a new debt law set to re-open international bond markets for Kuwait for the first time since 2017.
The country has already started the process of sending a request for proposal to banks to raise about $6 billion from international debt markets, Bloomberg News reported earlier this week.
The Gulf nation, home to a sovereign wealth fund valued at over $1 trillion, has long been hampered by a unique political structure—combining an elected parliament with a government appointed by the ruling family —that often resulted in legislative deadlock. That gridlock delayed key bills such as the public debt law, forcing the government to rely on the General Reserve Fund to cover budget deficits.
#UAE Overtakes #SaudiArabia in Project Awards as Kingdom Eases Up - Bloomberg
UAE Overtakes Saudi Arabia in Project Awards as Kingdom Eases Up - Bloomberg
The United Arab Emirates is on track to surpass Saudi Arabia in the value of awarded construction projects this year as the kingdom slows down on some developments and refocuses its priorities.
The UAE has awarded an estimated $31 billion in projects so far in 2025, outpacing Saudi Arabia’s $20.6 billion, according to data provided by Middle East intelligence platform MEED. If the UAE maintains its lead through year-end, it will be the first time it comes out ahead since 2018.
The shift comes as the kingdom eases up on projects as it faces funding pressures and also adjusts to market demand and rising costs, MEED said on Wednesday. The Gulf nation is also reprioritizing to focus on events it’s hosting, like the 2029 Asian Winter Games and the 2034 FIFA World Cup, MEED added.
The UAE is meanwhile pressing ahead with infrastructure and real estate projects. Still, construction across the Gulf has broadly slowed from previous years due to factors including global economic headwinds. Oil prices, which remain too low to balance many Gulf budgets, may also be contributing, adding pressure to regional finances.
The kingdom has awarded just $4 billion for so-called giga projects in 2025 that are designed to back Crown Prince Mohammed bin Salman’s Vision 2030 diversification agenda. That compares with $24 billion last year. Across 2024, the kingdom granted a record $152 billion in construction contracts.
To be sure, the current lead held by the UAE may shift in the second half as Saudi Arabia is expected to grant awards for stadiums related to the 2034 FIFA World Cup.
Saudi Arabia also still holds the strongest pipeline of planned developments, with around $1.6 trillion worth of projects announced but not yet awarded, MEED said.
The United Arab Emirates is on track to surpass Saudi Arabia in the value of awarded construction projects this year as the kingdom slows down on some developments and refocuses its priorities.
The UAE has awarded an estimated $31 billion in projects so far in 2025, outpacing Saudi Arabia’s $20.6 billion, according to data provided by Middle East intelligence platform MEED. If the UAE maintains its lead through year-end, it will be the first time it comes out ahead since 2018.
The shift comes as the kingdom eases up on projects as it faces funding pressures and also adjusts to market demand and rising costs, MEED said on Wednesday. The Gulf nation is also reprioritizing to focus on events it’s hosting, like the 2029 Asian Winter Games and the 2034 FIFA World Cup, MEED added.
The UAE is meanwhile pressing ahead with infrastructure and real estate projects. Still, construction across the Gulf has broadly slowed from previous years due to factors including global economic headwinds. Oil prices, which remain too low to balance many Gulf budgets, may also be contributing, adding pressure to regional finances.
The kingdom has awarded just $4 billion for so-called giga projects in 2025 that are designed to back Crown Prince Mohammed bin Salman’s Vision 2030 diversification agenda. That compares with $24 billion last year. Across 2024, the kingdom granted a record $152 billion in construction contracts.
To be sure, the current lead held by the UAE may shift in the second half as Saudi Arabia is expected to grant awards for stadiums related to the 2034 FIFA World Cup.
Saudi Arabia also still holds the strongest pipeline of planned developments, with around $1.6 trillion worth of projects announced but not yet awarded, MEED said.
IMF raises forecast for #Saudi GDP growth to 3.5% in 2025 | Reuters
IMF raises forecast for Saudi GDP growth to 3.5% in 2025 | Reuters
The International Monetary Fund on Thursday raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts.
Lower oil prices have weighed on Saudi Arabia's revenue, with the kingdom projected to post a fiscal deficit of around $27 billion this year.
Still, the kingdom has pushed forward with spending on a massive economic transformation program known as Vision 2030 that aims to wean the economy off its dependence on oil.
Under the program, Saudi Arabia has invested heavily in sports, tourism, and entertainment in recent years.
Government spending and domestic demand are expected to fuel growth despite lower oil prices.
"Robust domestic demand - including from government-led projects - will continue to drive growth despite heightened global uncertainty and a weakened commodity price outlook," said the IMF report.
Saudi Finance Minister Mohammed Al-Jadaan said the kingdom would "take stock" of its spending priorities in response to a significant decline in oil revenue, the Financial Times reported in May.
Still, the kingdom is committed to hosting several large international events, each of which requires significant spending on construction and development.
These include the 2029 Asian Winter Games, set to feature artificial snow and a man-made freshwater lake, and the 2034 World Cup, for which 11 new stadiums will be built and others renovated.
The kingdom's fiscal deficit will largely be financed by borrowing, said the IMF report.
Saudi Arabia was the largest emerging market dollar debt issuer last year, but the kingdom has room to continue borrowing, with its net debt around 17% of GDP, making it one of the least indebted nations globally, according to the IMF.
The IMF had lowered the kingdom's GDP growth forecast to 3% in April from an initial January estimate of 3.3%.
The fund on Thursday added that non-oil real GDP growth is projected at 3.4% in 2025, about 0.8% lower than last year.
The International Monetary Fund on Thursday raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts.
Lower oil prices have weighed on Saudi Arabia's revenue, with the kingdom projected to post a fiscal deficit of around $27 billion this year.
Still, the kingdom has pushed forward with spending on a massive economic transformation program known as Vision 2030 that aims to wean the economy off its dependence on oil.
Under the program, Saudi Arabia has invested heavily in sports, tourism, and entertainment in recent years.
Government spending and domestic demand are expected to fuel growth despite lower oil prices.
"Robust domestic demand - including from government-led projects - will continue to drive growth despite heightened global uncertainty and a weakened commodity price outlook," said the IMF report.
Saudi Finance Minister Mohammed Al-Jadaan said the kingdom would "take stock" of its spending priorities in response to a significant decline in oil revenue, the Financial Times reported in May.
Still, the kingdom is committed to hosting several large international events, each of which requires significant spending on construction and development.
These include the 2029 Asian Winter Games, set to feature artificial snow and a man-made freshwater lake, and the 2034 World Cup, for which 11 new stadiums will be built and others renovated.
The kingdom's fiscal deficit will largely be financed by borrowing, said the IMF report.
Saudi Arabia was the largest emerging market dollar debt issuer last year, but the kingdom has room to continue borrowing, with its net debt around 17% of GDP, making it one of the least indebted nations globally, according to the IMF.
The IMF had lowered the kingdom's GDP growth forecast to 3% in April from an initial January estimate of 3.3%.
The fund on Thursday added that non-oil real GDP growth is projected at 3.4% in 2025, about 0.8% lower than last year.
Gulf shares up as Israel-Iran ceasefire holds, #Dubai hits 17-year high | Reuters
Gulf shares up as Israel-Iran ceasefire holds, Dubai hits 17-year high | Reuters
Stock markets in the Gulf closed higher on Thursday amid steady oil prices as a ceasefire between Israel and Iran appeared to be holding for a second day.
Markets have been soothed by the ceasefire after 12 days of strikes on each other's territory. U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a fifth straight session, rising 1.3% to 5,684, its highest level in 17 years. Dubai Islamic Bank (DISB.DU), opens new tab climbed 4.9% and tolls operator Salik (SALIK.DU), opens new tab advanced 2.2%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab rose 0.8%, aided by a 7.6% surge in RAK Properties (RAKPROP.AD), opens new tab and a 4.3% gain for Abu Dhabi Islamic Bank (ADIB.AD), opens new tab.
Fitch Ratings affirmed the UAE's rating at "AA-" with a stable outlook on Tuesday, while S&P Global assigned the same rating last week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab extended its gains to a fourth straight session, rising 0.9%, with most sectors in the green. Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gained 0.9% and oil major Saudi Aramco (2222.SE), opens new tab added 0.7%.
Elsewhere, Saudi Arabia's trade surplus fell sharply in April, even as non-oil exports surged and imports rose, according to new government data issued Wednesday.
Oil prices, a catalyst for the Gulf's financial markets, rose 0.4% as a larger-than-expected draw in U.S. crude stocks signalled firm demand.
Brent was trading at $67.98 a barrel by 1230 GMT
The Qatari benchmark index (.QSI), opens new tab was up for a consecutive fifth day, rising 0.4% with almost all its constituents posting gains.
AlRayan Bank (MARK.QA), opens new tab advanced 1.4% and Industries Qatar (IQCD.QA), opens new tab added 0.5%.
Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
"Markets are benefiting from favorable market sentiment following the easing of geopolitical risks", said Joseph Dahrieh, managing principal at Tickmill.
"This has led to increased demand for stocks in the region and a greater focus on market fundamentals".
Markets have been soothed by the ceasefire after 12 days of strikes on each other's territory. U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a fifth straight session, rising 1.3% to 5,684, its highest level in 17 years. Dubai Islamic Bank (DISB.DU), opens new tab climbed 4.9% and tolls operator Salik (SALIK.DU), opens new tab advanced 2.2%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab rose 0.8%, aided by a 7.6% surge in RAK Properties (RAKPROP.AD), opens new tab and a 4.3% gain for Abu Dhabi Islamic Bank (ADIB.AD), opens new tab.
Fitch Ratings affirmed the UAE's rating at "AA-" with a stable outlook on Tuesday, while S&P Global assigned the same rating last week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab extended its gains to a fourth straight session, rising 0.9%, with most sectors in the green. Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gained 0.9% and oil major Saudi Aramco (2222.SE), opens new tab added 0.7%.
Elsewhere, Saudi Arabia's trade surplus fell sharply in April, even as non-oil exports surged and imports rose, according to new government data issued Wednesday.
Oil prices, a catalyst for the Gulf's financial markets, rose 0.4% as a larger-than-expected draw in U.S. crude stocks signalled firm demand.
Brent was trading at $67.98 a barrel by 1230 GMT
The Qatari benchmark index (.QSI), opens new tab was up for a consecutive fifth day, rising 0.4% with almost all its constituents posting gains.
AlRayan Bank (MARK.QA), opens new tab advanced 1.4% and Industries Qatar (IQCD.QA), opens new tab added 0.5%.
Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
"Markets are benefiting from favorable market sentiment following the easing of geopolitical risks", said Joseph Dahrieh, managing principal at Tickmill.
"This has led to increased demand for stocks in the region and a greater focus on market fundamentals".
Wednesday, 25 June 2025
#Dubai and #AbuDhabi’s Haven Status Tested By Iran-Israel Crisis - Bloomberg
Dubai and Abu Dhabi’s Haven Status Tested By Iran-Israel Crisis - Bloomberg
The stakes for the global financial community are particularly high in the UAE, which has attracted international billionaires looking to safeguard their wealth as well as Wall Street banks and hedge funds looking to expand. Abu Dhabi has been on a dealmaking spree with its $1.7 trillion sovereign wealth pile. Meanwhile, Dubai’s property prices have surged 70% over four years propelled by buyers from around the world.
“I think the current situation is contained. But what happened is significant — it’s a signal that no action is off-limits anymore,” said Hussein Nasser-Eddin, chief executive of Dubai-based security services provider Crownox, referring to the attack in Qatar, which like the UAE is a long-time ally of the US.
Nasser-Eddin said his firm — which provides travel security, protective and risk advisory services — has seen a rise in contingency planning requests in the Gulf in the last couple days. Companies have asked for details of Crownox’s cross-border capabilities, essentially wanting to know if it could “save the day” if things went wrong, he said.
Even such lingering concerns haven’t been enough to deter those investing or living in the UAE. More than a dozen bankers, hedge fund and sovereign wealth fund executives interviewed by Bloomberg News said they haven’t seen signs of capital flight or firms considering a pullback. They asked not be named because they weren’t authorized to speak to the media.
UAE stocks, which sank at the outbreak of the Israeli strikes on Iran, have not just recouped those losses but scaled new highs in tandem with US stocks. Dubai’s equity benchmark is trading almost 3% higher than before the conflict, reaching the highest level since the 2008 global financial crisis. Abu Dhabi’s index has added more than 1% and is at the highest since January. Both indexes are rising faster than the global benchmark MSCI ACWI.
“I believe that the safe-haven status will continue, the macro story remains robust and the reform program compelling. We continue to expect capital and population inflows in the medium-term,” Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC, said about the UAE. “The fact that there were no economic disruptions and the ceasefire are positive.”
Historically, Dubai has benefitted from periods of unrest not just regionally but elsewhere too. Most recently, after the invasion of Ukraine in 2022, some Russians bought Dubai real estate. Property prices have been shooting up since the pandemic. Still, the emirate’s population is largely made of expatriates and any pullback from them would also dent the housing market, which makes up more than a third of the city’s gross domestic product.
“We had a period of 48 hours where buyers were reluctant to pull the trigger,” said Myles Bush, chairman of brokerage Phoenix Homes. “However, now it’s business as usual and buyer confidence has bounced back.”
While market sentiment hasn’t been affected so far, a resumption of hostilities may shake confidence, said Anna Kirichenko, a property broker who has worked in Dubai since 2007.
There is also the potential for other economic fallout. Despite airspace closures ending and the ceasefire, several global airlines are still avoiding Dubai to ensure the safety of crew and passengers amid geopolitical tensions. Among them are Singapore Airlines, Air India Ltd. and United Airlines Holdings Inc. The aviation sector supported 27% of Dubai’s GDP in 2023, according to a report by Emirates, contributing nearly $40 billion to the city’s economy.
Dubai and Abu Dhabi have in recent years attracted expatriates and financial firms partly because of the UAE’s easy visa policies, low taxes and convenient time zone between East and West. The regulator for Dubai’s financial center said it had contacted a number of firms, who reported normal business activity.
The stakes for the global financial community are particularly high in the UAE, which has attracted international billionaires looking to safeguard their wealth as well as Wall Street banks and hedge funds looking to expand. Abu Dhabi has been on a dealmaking spree with its $1.7 trillion sovereign wealth pile. Meanwhile, Dubai’s property prices have surged 70% over four years propelled by buyers from around the world.
“I think the current situation is contained. But what happened is significant — it’s a signal that no action is off-limits anymore,” said Hussein Nasser-Eddin, chief executive of Dubai-based security services provider Crownox, referring to the attack in Qatar, which like the UAE is a long-time ally of the US.
Nasser-Eddin said his firm — which provides travel security, protective and risk advisory services — has seen a rise in contingency planning requests in the Gulf in the last couple days. Companies have asked for details of Crownox’s cross-border capabilities, essentially wanting to know if it could “save the day” if things went wrong, he said.
Even such lingering concerns haven’t been enough to deter those investing or living in the UAE. More than a dozen bankers, hedge fund and sovereign wealth fund executives interviewed by Bloomberg News said they haven’t seen signs of capital flight or firms considering a pullback. They asked not be named because they weren’t authorized to speak to the media.
UAE stocks, which sank at the outbreak of the Israeli strikes on Iran, have not just recouped those losses but scaled new highs in tandem with US stocks. Dubai’s equity benchmark is trading almost 3% higher than before the conflict, reaching the highest level since the 2008 global financial crisis. Abu Dhabi’s index has added more than 1% and is at the highest since January. Both indexes are rising faster than the global benchmark MSCI ACWI.
“I believe that the safe-haven status will continue, the macro story remains robust and the reform program compelling. We continue to expect capital and population inflows in the medium-term,” Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC, said about the UAE. “The fact that there were no economic disruptions and the ceasefire are positive.”
Historically, Dubai has benefitted from periods of unrest not just regionally but elsewhere too. Most recently, after the invasion of Ukraine in 2022, some Russians bought Dubai real estate. Property prices have been shooting up since the pandemic. Still, the emirate’s population is largely made of expatriates and any pullback from them would also dent the housing market, which makes up more than a third of the city’s gross domestic product.
“We had a period of 48 hours where buyers were reluctant to pull the trigger,” said Myles Bush, chairman of brokerage Phoenix Homes. “However, now it’s business as usual and buyer confidence has bounced back.”
While market sentiment hasn’t been affected so far, a resumption of hostilities may shake confidence, said Anna Kirichenko, a property broker who has worked in Dubai since 2007.
There is also the potential for other economic fallout. Despite airspace closures ending and the ceasefire, several global airlines are still avoiding Dubai to ensure the safety of crew and passengers amid geopolitical tensions. Among them are Singapore Airlines, Air India Ltd. and United Airlines Holdings Inc. The aviation sector supported 27% of Dubai’s GDP in 2023, according to a report by Emirates, contributing nearly $40 billion to the city’s economy.
Dubai and Abu Dhabi have in recent years attracted expatriates and financial firms partly because of the UAE’s easy visa policies, low taxes and convenient time zone between East and West. The regulator for Dubai’s financial center said it had contacted a number of firms, who reported normal business activity.
#Saudi Oil Export Revenue Slumps to Lowest in Almost Four Years - Bloomberg
Saudi Oil Export Revenue Slumps to Lowest in Almost Four Years - Bloomberg
Saudi Arabia’s revenue from oil exports slumped to the lowest in almost four years in April as crude prices crashed.
Proceeds from the sale of crude oil and refined products declined to $16.5 billion, according to data released from the country’s main statistics body. That’s down about 21% year-on-year and 7% from the prior month.
Crude prices plunged in April, with benchmark Brent dropping more than 15% that month to a four-year low after US President Donald Trump unveiled global trade tariffs. Within hours of that decision, OPEC+ shocked energy traders by saying it would speed up plans to raise oil output, delivering a double-whammy to markets.
Brent has somewhat recovered since — now trading around $68 a barrel — as traders weigh up potential supply threats from geopolitical tensions, among other things. Still, prices in London are down about 9% so far this year, after having given up gains from the Israel-Iran conflict following the truce reached between the two countries this week.
Depressed oil prices heap further pressure on Saudi Arabia’s finances as the government continues to spend heavily on Crown Prince Mohammed bin Salman’s Vision 2030 strategy, and runs deeper budget shortfalls. Prices around $65 risk further widening fiscal and current account deficits and increasing financing needs and public debt levels, according to Mohamed Abu Basha, head of macro analysis at EFG Hermes.
“Such pressures are manageable in the short-term, considering the kingdom’s strong balance sheet and access to credit,” said Abu Basha. “Low oil price for longer would most likely require a combination of a revisit to spending plans and implementation of fiscal consolidation measures.”
OPEC and its allies, led in large part by Saudi Arabia, are scheduled to meet next on July 6 to decide on production levels for August. The kingdom is keen for the group to continue with accelerated supply boosts of 411,000 barrels a day, following on from similar hikes in May, June and July, people familiar with the matter said this month.
Oil watchers will keenly focus on that meeting for signals on where the market is heading next. While output has held up during the Middle East conflict, growth in consumption in top buyer China has remained muted.
Saudi Arabia’s revenue from oil exports slumped to the lowest in almost four years in April as crude prices crashed.
Proceeds from the sale of crude oil and refined products declined to $16.5 billion, according to data released from the country’s main statistics body. That’s down about 21% year-on-year and 7% from the prior month.
Crude prices plunged in April, with benchmark Brent dropping more than 15% that month to a four-year low after US President Donald Trump unveiled global trade tariffs. Within hours of that decision, OPEC+ shocked energy traders by saying it would speed up plans to raise oil output, delivering a double-whammy to markets.
Brent has somewhat recovered since — now trading around $68 a barrel — as traders weigh up potential supply threats from geopolitical tensions, among other things. Still, prices in London are down about 9% so far this year, after having given up gains from the Israel-Iran conflict following the truce reached between the two countries this week.
Depressed oil prices heap further pressure on Saudi Arabia’s finances as the government continues to spend heavily on Crown Prince Mohammed bin Salman’s Vision 2030 strategy, and runs deeper budget shortfalls. Prices around $65 risk further widening fiscal and current account deficits and increasing financing needs and public debt levels, according to Mohamed Abu Basha, head of macro analysis at EFG Hermes.
“Such pressures are manageable in the short-term, considering the kingdom’s strong balance sheet and access to credit,” said Abu Basha. “Low oil price for longer would most likely require a combination of a revisit to spending plans and implementation of fiscal consolidation measures.”
OPEC and its allies, led in large part by Saudi Arabia, are scheduled to meet next on July 6 to decide on production levels for August. The kingdom is keen for the group to continue with accelerated supply boosts of 411,000 barrels a day, following on from similar hikes in May, June and July, people familiar with the matter said this month.
Oil watchers will keenly focus on that meeting for signals on where the market is heading next. While output has held up during the Middle East conflict, growth in consumption in top buyer China has remained muted.
#Saudi Hospital Operator Slumps in Debut in Latest IPO Letdown - Bloomberg
Saudi Hospital Operator Slumps in Debut in Latest IPO Letdown - Bloomberg
Saudi Arabia-based Specialized Medical Co.’s shares fell in their Riyadh trading debut, marking the third straight muted listing in the kingdom.
The stock closed at 24.16 riyals apiece, 3.4% below the 25-riyal offer price, which valued the hospital operator at 6.25 billion riyals ($1.4 billion). The broader Saudi stock market was little changed on Wednesday.
SMC raised $500 million by selling a 30% stake, with institutional orders totaling $32 billion. Despite the interest, the deal was just 65 times oversubscribed — the lowest multiple among recent Saudi offerings.
Volatile oil prices, uncertainty over mega-project spending, and Gulf tensions have pressured recent IPOs and Saudi stocks more broadly.
Flynas Co., the Gulf’s largest IPO this year, slipped on debut last week as Israel-Iran tensions triggered regional airspace closures, pressuring airline stocks. United Carton Industries Co., which listed in May, is also trading below its IPO price, weighed down by valuation concerns and a post-listing profit dip.
SMC’s IPO faced its own turbulence after a late-stage revision to its prospectus prompted a reset of the institutional order book. The change came after existing shareholders agreed to return 200 million riyals in dividends that had not been fully disclosed in earlier filings.
It is the latest health-care firm to tap the kingdom’s capital markets, part of a broader push to diversify the economy and expand private-sector participation in key industries. Dr. Soliman Abdel Kader Fakeeh Hospital Co. raised $763 million in the kingdom’s largest IPO of 2024, while Almoosa Health Co. fetched $450 million.
SNB Capital and EFG Hermes were joint bookrunners on the SMC offering. The Company for Cooperative Insurance — known as Tawuniya — subscribed to 2.35% of the company’s post-offer equity, as a cornerstone investor.
Saudi Arabia-based Specialized Medical Co.’s shares fell in their Riyadh trading debut, marking the third straight muted listing in the kingdom.
The stock closed at 24.16 riyals apiece, 3.4% below the 25-riyal offer price, which valued the hospital operator at 6.25 billion riyals ($1.4 billion). The broader Saudi stock market was little changed on Wednesday.
SMC raised $500 million by selling a 30% stake, with institutional orders totaling $32 billion. Despite the interest, the deal was just 65 times oversubscribed — the lowest multiple among recent Saudi offerings.
Volatile oil prices, uncertainty over mega-project spending, and Gulf tensions have pressured recent IPOs and Saudi stocks more broadly.
Flynas Co., the Gulf’s largest IPO this year, slipped on debut last week as Israel-Iran tensions triggered regional airspace closures, pressuring airline stocks. United Carton Industries Co., which listed in May, is also trading below its IPO price, weighed down by valuation concerns and a post-listing profit dip.
SMC’s IPO faced its own turbulence after a late-stage revision to its prospectus prompted a reset of the institutional order book. The change came after existing shareholders agreed to return 200 million riyals in dividends that had not been fully disclosed in earlier filings.
It is the latest health-care firm to tap the kingdom’s capital markets, part of a broader push to diversify the economy and expand private-sector participation in key industries. Dr. Soliman Abdel Kader Fakeeh Hospital Co. raised $763 million in the kingdom’s largest IPO of 2024, while Almoosa Health Co. fetched $450 million.
SNB Capital and EFG Hermes were joint bookrunners on the SMC offering. The Company for Cooperative Insurance — known as Tawuniya — subscribed to 2.35% of the company’s post-offer equity, as a cornerstone investor.
Mubadala Capital, T&D Said to Be Key Investors in IPO of Billionaire Li’s FWD - Bloomberg
Mubadala Capital, T&D Said to Be Key Investors in IPO of Billionaire Li’s FWD - Bloomberg
Mubadala Capital and Japan’s T&D Holdings Inc. are set to be cornerstone investors in insurer FWD Group Holdings Ltd.’s initial public offering in Hong Kong, according to people familiar with the matter.
FWD, controlled by billionaire Richard Li, may have a valuation of about $6 billion, the people said, asking not to be identified discussing confidential information. There’s enough preliminary interest from investors to cover the books nearly two times ahead of the official launch, the people said.
The IPO is expected to raise about $500 million, the people said, adding that books are expected to open as soon as Thursday. Deliberations are ongoing and plans may still change, they said.
Representatives for FWD and Abu Dhabi’s sovereign wealth fund Mubadala Investment Co., the majority owner of alternative asset manager Mubadala Capital, declined to comment. T&D didn’t immediately respond to a request seeking comment.
FWD dropped previous attempts for bigger IPOs in Hong Kong and New York, which it initially targeted for a $3 billion listing in 2021, raising capital via private placements instead.
Market conditions have turned more favorable as Hong Kong experiences a revival in first-time share sales, led by mainland China-traded companies seeking second listings. They include battery maker Contemporary Amperex Technology Co. Ltd., which raised more than $5 billion in May in the world’s largest market debut so far this year.
Hong Kong’s Hang Seng Index has climbed 35% over the past 12 months.
Morgan Stanley and Goldman Sachs Group Inc. are joint sponsors for FWD’s IPO, while HSBC Holdings Plc is the financial adviser, according to the insurer’s prospectus.
Li, the son of high-profile Hong Kong tycoon Li Ka-shing, founded FWD in 2013 and has expanded into other Asia markets including Japan, Singapore and Thailand. His investment firm Pacific Century Group is majority shareholder.
FWD reported $24 million of net income after tax in 2024, its first full year of profitability under new IFRS 17 accounting standards, as well as its first positive operating cashflow. The new business contractual service margin climbed 55% in the first quarter from the same year-earlier period.
While valuations of insurance companies including AIA Group Ltd. and Prudential Plc have bounced back significantly this year, they’re still significantly lower than in 2021.
Mubadala Capital and Japan’s T&D Holdings Inc. are set to be cornerstone investors in insurer FWD Group Holdings Ltd.’s initial public offering in Hong Kong, according to people familiar with the matter.
FWD, controlled by billionaire Richard Li, may have a valuation of about $6 billion, the people said, asking not to be identified discussing confidential information. There’s enough preliminary interest from investors to cover the books nearly two times ahead of the official launch, the people said.
The IPO is expected to raise about $500 million, the people said, adding that books are expected to open as soon as Thursday. Deliberations are ongoing and plans may still change, they said.
Representatives for FWD and Abu Dhabi’s sovereign wealth fund Mubadala Investment Co., the majority owner of alternative asset manager Mubadala Capital, declined to comment. T&D didn’t immediately respond to a request seeking comment.
FWD dropped previous attempts for bigger IPOs in Hong Kong and New York, which it initially targeted for a $3 billion listing in 2021, raising capital via private placements instead.
Market conditions have turned more favorable as Hong Kong experiences a revival in first-time share sales, led by mainland China-traded companies seeking second listings. They include battery maker Contemporary Amperex Technology Co. Ltd., which raised more than $5 billion in May in the world’s largest market debut so far this year.
Hong Kong’s Hang Seng Index has climbed 35% over the past 12 months.
Morgan Stanley and Goldman Sachs Group Inc. are joint sponsors for FWD’s IPO, while HSBC Holdings Plc is the financial adviser, according to the insurer’s prospectus.
Li, the son of high-profile Hong Kong tycoon Li Ka-shing, founded FWD in 2013 and has expanded into other Asia markets including Japan, Singapore and Thailand. His investment firm Pacific Century Group is majority shareholder.
FWD reported $24 million of net income after tax in 2024, its first full year of profitability under new IFRS 17 accounting standards, as well as its first positive operating cashflow. The new business contractual service margin climbed 55% in the first quarter from the same year-earlier period.
While valuations of insurance companies including AIA Group Ltd. and Prudential Plc have bounced back significantly this year, they’re still significantly lower than in 2021.
QIA launches $200 million fund with Fiera Capital to boost investment in #Qatar stocks | Reuters
QIA launches $200 million fund with Fiera Capital to boost investment in Qatari stocks | Reuters
The Qatar Investment Authority and Canadian asset manager Fiera Capital (FSZ.TO), opens new tab have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
The fund was announced just days after a major escalation in tensions in the Middle East after Iran on Monday fired missiles at a U.S. military base in Qatar in response to U.S. attacks on Iranian nuclear sites.
The Fiera Qatar Equity Fund will be structured as a daily-dealing mutual fund, and QIA - the country's $500 billion sovereign wealth fund - will be its anchor investor, it said in a statement.
"Attracting overseas asset managers to invest in Qatar equity will fuel market participation and help to diversify and broaden the market," QIA Chief Executive Mohammed Saif Al-Sowaidi said.
Qatar is one of the world's biggest exporters of liquefied natural gas. Like other Gulf oil and gas exporters, it is trying to diversify its economy away from hydrocarbons, and attract increased foreign investment.
While neighbours Saudi Arabia and the United Arab Emirates have experienced an IPO boom in recent years, market insiders have attributed the lack of Qatari deals to the impact of the COVID-19 pandemic and the country's focus on the 2022 World Cup.
The tie-up with Toronto-listed Fiera Capital, which had $117 billion in assets as of March 31, is part of the QIA's broader initiative to establish partnerships with global asset managers who have a Gulf focus, as well as local asset managers.
They include Ashmore Group (ASHM.L), opens new tab, which has launched a $200 million fund with the QIA and last month opened a Doha office.
The Qatar Investment Authority and Canadian asset manager Fiera Capital (FSZ.TO), opens new tab have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
The fund was announced just days after a major escalation in tensions in the Middle East after Iran on Monday fired missiles at a U.S. military base in Qatar in response to U.S. attacks on Iranian nuclear sites.
The Fiera Qatar Equity Fund will be structured as a daily-dealing mutual fund, and QIA - the country's $500 billion sovereign wealth fund - will be its anchor investor, it said in a statement.
"Attracting overseas asset managers to invest in Qatar equity will fuel market participation and help to diversify and broaden the market," QIA Chief Executive Mohammed Saif Al-Sowaidi said.
Qatar is one of the world's biggest exporters of liquefied natural gas. Like other Gulf oil and gas exporters, it is trying to diversify its economy away from hydrocarbons, and attract increased foreign investment.
While neighbours Saudi Arabia and the United Arab Emirates have experienced an IPO boom in recent years, market insiders have attributed the lack of Qatari deals to the impact of the COVID-19 pandemic and the country's focus on the 2022 World Cup.
The tie-up with Toronto-listed Fiera Capital, which had $117 billion in assets as of March 31, is part of the QIA's broader initiative to establish partnerships with global asset managers who have a Gulf focus, as well as local asset managers.
They include Ashmore Group (ASHM.L), opens new tab, which has launched a $200 million fund with the QIA and last month opened a Doha office.
Most Gulf markets gain on #Iran-Israel truce | Reuters
Most Gulf markets gain on Iran-Israel truce | Reuters
Most stock markets in the Gulf edged higher on Wednesday, extending gains from previous sessions when they rose sharply following a ceasefire between Israel and Iran.
The ceasefire brokered by U.S. President Donald Trump appeared to be holding on Wednesday, a day after both countries signalled that their air conflict had ended, at least for now.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.1% in choppy trade, helped by a 1% rise in Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets.
The recent rally was fuelled by reduced geopolitical tensions following the ceasefire, which encouraged investors to return to riskier assets, said George Pavel General Manager at Naga.com Middle East.
Oil prices recovered a little after sliding earlier this week, as investors assessed the stability of the ceasefire, while support also came from data that showed U.S. demand was relatively strong.
Traders and analysts also saw some support from market expectations that the Federal Reserve could soon cut U.S. interest rates.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI), opens new tab added 0.4%, led by a 1.3% rise in top lender Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.2% higher.
The Qatari index (.QSI), opens new tab advanced 1.1%, boosted by a 1.8% gain in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.2%, hitting its highest since March 2024, with Commercial International Bank (COMI.CA), opens new tab closing 1.3% higher.
Egypt's prime minister said gas supplies would resume to factories on Friday after being halted in recent days because tensions in the Middle East led to a shortage, a cabinet statement said on Wednesday.
Most stock markets in the Gulf edged higher on Wednesday, extending gains from previous sessions when they rose sharply following a ceasefire between Israel and Iran.
The ceasefire brokered by U.S. President Donald Trump appeared to be holding on Wednesday, a day after both countries signalled that their air conflict had ended, at least for now.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.1% in choppy trade, helped by a 1% rise in Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets.
The recent rally was fuelled by reduced geopolitical tensions following the ceasefire, which encouraged investors to return to riskier assets, said George Pavel General Manager at Naga.com Middle East.
Oil prices recovered a little after sliding earlier this week, as investors assessed the stability of the ceasefire, while support also came from data that showed U.S. demand was relatively strong.
Traders and analysts also saw some support from market expectations that the Federal Reserve could soon cut U.S. interest rates.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI), opens new tab added 0.4%, led by a 1.3% rise in top lender Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.2% higher.
The Qatari index (.QSI), opens new tab advanced 1.1%, boosted by a 1.8% gain in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.2%, hitting its highest since March 2024, with Commercial International Bank (COMI.CA), opens new tab closing 1.3% higher.
Egypt's prime minister said gas supplies would resume to factories on Friday after being halted in recent days because tensions in the Middle East led to a shortage, a cabinet statement said on Wednesday.
Oil prices drop 6% as Israel-#Iran ceasefire reduces Middle East supply risk | Reuters
Oil prices drop 6% as Israel-Iran ceasefire reduces Middle East supply risk | Reuters
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.
The ceasefire was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.
Brent crude futures fell $4.34, or 6.1%, to settle at $67.14 a barrel. U.S. West Texas Intermediate (WTI) crude fell $4.14, or 6.0%, to settle at $64.37.
Settlement was the lowest for Brent since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.
The ceasefire was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.
Brent crude futures fell $4.34, or 6.1%, to settle at $67.14 a barrel. U.S. West Texas Intermediate (WTI) crude fell $4.14, or 6.0%, to settle at $64.37.
Settlement was the lowest for Brent since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.
Israel #Iran Conflict: Ceasefire or Not, The World Is Swimming In Oil - Bloomberg
Israel Iran Conflict: Ceasefire or Not, The World Is Swimming In Oil - Bloomberg
After the war, the hangover. While hysteria about the closure of the Strait of Hormuz gripped the oil market for the last few days, the reality couldn’t be more different: a wave of Persian Gulf crude was forming. Now, the swell is heading into a global oil market that’s already oversupplied — hence Brent crude trading below $70 a barrel on Tuesday.
The Northern hemisphere summer, which provides a seasonal lift to demand, is the last obstacle before the glut becomes plainly obvious. Oil prices are heading down – quite a lot.
If anything, the Israel-Iran “12-Day War” has worsened the supply/demand imbalance even further – not just for the rest of 2025, but into 2026 too. On the demand side, geopolitical chaos is bad for business — let alone tourism. Petroleum consumption growth, already quite anemic, is set to slow further, particularly in the Middle East. But the biggest change comes from the supply side: The market finds itself swimming in oil.
Ironically, one of the countries pumping more than a month ago is Iran. Hard data is difficult to come by, as Iran does its best to obfuscate its petroleum exports. Still, available satellite photos and other shipping data suggest that Iranian production will reach a fresh seven-year high above 3.5 million barrels a day this month, slightly up from May. That bears repeating: Iranian oil production is up, not down, despite nearly two weeks of Israeli and American bombing.
Reading between the lines, President Donald Trump has made two things clear: He doesn’t want oil prices above $70 a barrel, and he still thinks Washington and Tehran can sit down to talk. So it’s very unlikely that the White House will tighten oil sanctions on Iran, an issue where Trump is very similar to former President Joe Biden: Lots of talk, very little action.
Across the Persian Gulf, Saudi Arabia, Kuwait, Iraq and the United Arab Emirates are all pumping more than a month ago. True, a large chunk of the increase was expected after the OPEC+ cartel agreed to hike production quotas. Still, early shipping data suggests that exports are rising a touch more than expected, particularly from Saudi Arabia.
Petro-Logistics SA, an oil tanker-tracking firm used by many commodity trading houses and hedge funds, estimates that Saudi Arabia will supply the market with 9.6 million barrels a day of crude in June, the highest level in two years. The firm measures the flow of barrels into the market, offsetting stockpiling moves, rather than wellhead output (the latter is OPEC’s preferred measure).
“Looking at the first half of the month, there has been a large rush of oil flowing out of the Persian Gulf region,” Daniel Gerber, the head of Petro-Logistics, tells me. Data covering the first couple of weeks of June show strong exports from Iraq and the United Arab Emirates, two countries that typically cheat on their OPEC+ production levels. The risk here is more, not less.
And then there’s US shale output. In May, the American oil industry was on the ropes, with crude approaching $55 a barrel. At those prices, US oil production was set to start a gentle decline in the second half of the year and fall further in 2026. The recent conflict that drove crude to a peak of $78.40 a barrel handed US shale producers an unexpected opportunity to lock-in forward prices, helping them to keep drilling higher than otherwise. Anecdotally, I hear from Wall Street oil bankers that their trading desks saw some of the largest shale hedging in years.
With shale, small price shifts matter a lot: The difference between booming production and declining output is measured in a fistful of dollars, perhaps as little as $10 to $20 a barrel. At $50, many companies are staring at financial calamity and production is in free-fall; $55 is survivable; $60 isn’t great, but money still flows and output holds; at $65, everyone is back to more drilling; and at $70 and above, the industry is printing money and output is soaring.
In the oil market, history is a very good guide. Look at what happened after the first Gulf War in 1990-1991, or the second one in 2003. Amid the carnage, oil keeps flowing – often in greater quantities. When the conflict ends, the flow increases further. The Iran-Israel conflict isn’t over yet. The ceasefire is, at best, tentative. And other supply disruptions may change the outlook. But, right now the world has more oil than it needs.
After the war, the hangover. While hysteria about the closure of the Strait of Hormuz gripped the oil market for the last few days, the reality couldn’t be more different: a wave of Persian Gulf crude was forming. Now, the swell is heading into a global oil market that’s already oversupplied — hence Brent crude trading below $70 a barrel on Tuesday.
The Northern hemisphere summer, which provides a seasonal lift to demand, is the last obstacle before the glut becomes plainly obvious. Oil prices are heading down – quite a lot.
If anything, the Israel-Iran “12-Day War” has worsened the supply/demand imbalance even further – not just for the rest of 2025, but into 2026 too. On the demand side, geopolitical chaos is bad for business — let alone tourism. Petroleum consumption growth, already quite anemic, is set to slow further, particularly in the Middle East. But the biggest change comes from the supply side: The market finds itself swimming in oil.
Ironically, one of the countries pumping more than a month ago is Iran. Hard data is difficult to come by, as Iran does its best to obfuscate its petroleum exports. Still, available satellite photos and other shipping data suggest that Iranian production will reach a fresh seven-year high above 3.5 million barrels a day this month, slightly up from May. That bears repeating: Iranian oil production is up, not down, despite nearly two weeks of Israeli and American bombing.
Reading between the lines, President Donald Trump has made two things clear: He doesn’t want oil prices above $70 a barrel, and he still thinks Washington and Tehran can sit down to talk. So it’s very unlikely that the White House will tighten oil sanctions on Iran, an issue where Trump is very similar to former President Joe Biden: Lots of talk, very little action.
Across the Persian Gulf, Saudi Arabia, Kuwait, Iraq and the United Arab Emirates are all pumping more than a month ago. True, a large chunk of the increase was expected after the OPEC+ cartel agreed to hike production quotas. Still, early shipping data suggests that exports are rising a touch more than expected, particularly from Saudi Arabia.
Petro-Logistics SA, an oil tanker-tracking firm used by many commodity trading houses and hedge funds, estimates that Saudi Arabia will supply the market with 9.6 million barrels a day of crude in June, the highest level in two years. The firm measures the flow of barrels into the market, offsetting stockpiling moves, rather than wellhead output (the latter is OPEC’s preferred measure).
“Looking at the first half of the month, there has been a large rush of oil flowing out of the Persian Gulf region,” Daniel Gerber, the head of Petro-Logistics, tells me. Data covering the first couple of weeks of June show strong exports from Iraq and the United Arab Emirates, two countries that typically cheat on their OPEC+ production levels. The risk here is more, not less.
And then there’s US shale output. In May, the American oil industry was on the ropes, with crude approaching $55 a barrel. At those prices, US oil production was set to start a gentle decline in the second half of the year and fall further in 2026. The recent conflict that drove crude to a peak of $78.40 a barrel handed US shale producers an unexpected opportunity to lock-in forward prices, helping them to keep drilling higher than otherwise. Anecdotally, I hear from Wall Street oil bankers that their trading desks saw some of the largest shale hedging in years.
With shale, small price shifts matter a lot: The difference between booming production and declining output is measured in a fistful of dollars, perhaps as little as $10 to $20 a barrel. At $50, many companies are staring at financial calamity and production is in free-fall; $55 is survivable; $60 isn’t great, but money still flows and output holds; at $65, everyone is back to more drilling; and at $70 and above, the industry is printing money and output is soaring.
In the oil market, history is a very good guide. Look at what happened after the first Gulf War in 1990-1991, or the second one in 2003. Amid the carnage, oil keeps flowing – often in greater quantities. When the conflict ends, the flow increases further. The Iran-Israel conflict isn’t over yet. The ceasefire is, at best, tentative. And other supply disruptions may change the outlook. But, right now the world has more oil than it needs.
Tuesday, 24 June 2025
#UAE: Al Mal Capital REIT announces follow-on public offering, 3.75% dividend for H1 2025
UAE: Al Mal Capital REIT announces follow-on public offering, 3.75% dividend for H1 2025
Al Mal Capital REIT (AMC REIT) the first REIT listed on the Dubai Financial Market (DFM), regulated by the Securities and Commodities Authority (SCA), and managed by Al Mal Capital PSC, a subsidiary of Dubai Investments PJSC, is inviting existing unitholders, as well as UAE and GCC individual and institutional investors, to subscribe to new units in its closed ended Real Estate Investment Trust (REIT) through a follow-on public offering (FPO).
The FPO, approved by the SCA, will issue up to 220,000,000 new units at a price of AED1.1, increasing the issued capital of the Fund from AED513,889,872 up to AED733,889,872.
The raise will be used to expand the REIT’s portfolio of income generating real estate assets carefully selected from secure growth sectors, including healthcare, education and mission-critical industrial assets.
The subscription period will run from 7th July to 25th July 2025, with trading of the new units expected to commence on the Dubai Financial Market (DFM) around 8th August 2025, subject to regulatory and market approvals.
Al Mal Capital REIT has a proven and stable track record having delivered a 7% return since 2023. It continues to target ongoing returns of c.+7% for investors. In line with this performance, the REIT is also announcing a cash dividend of AED 0.0375 per unit for the interim period ending 30 June 2025, representing an annualized yield of 7.5%. To receive this dividend, investors must purchase units no later than 24 June 2025, as only unitholders on record as of 26 June 2025 will be eligible.
Commenting on the FPO Naser Al Nabulsi, Vice Chairman and CEO at Al Mal Capital, said, “There is a growing investor appetite for Regional REITs as shown by recent offerings on the DFM that saw record-breaking retail participation, especially in the UAE. We are therefore pleased that we can offer more investors a chance to access Al Mal Capital REIT, the first REIT listed on the DFM, which continues to deliver strong and consistent dividends. Our focus on resilient real estate sectors which offer sustainable and recurring income based on secure cashflow and long-term demand, will be very attractive for both institutional and retail buyers.”
Al Mal Capital REIT is managed by an experienced and respected investment team with a strong track record in managing income-generating commercial real estate assets. AMC REIT benefits from a robust SCA regulated REIT framework, and oversight from an experienced committee, which qualifies opportunities, oversees and ensures the fund’s compliance with regulatory standards.
The FPO is open to UAE and GCC retail and institutional investors. A priority allocation will be available to subscribers who already hold units in AMC REIT, and whose names appear in the register of unitholders as of 26th June 2025 (the “Record Date”). These investors will be allocated units equal to approximately +39% of their current holdings, ensuring their ownership remains undiluted following the capital increase.
A secondary allocation of unsubscribed units, after completion of the priority allocation, will have a Minimum Guaranteed Allocation (MGA) of up to 2,000 units per eligible new subscriber, subject to request and availability.
Al Mal Capital REIT is a closed ended real estate investment trust (REIT) that is currently invested in a diversified portfolio of income generating real estate assets in the UAE, based on secure long-term lease agreements with a strong credit profile. The Fund gives UAE and GCC investors access to an asset class with long-term fundamentals, based on a strategy focused on investing in strong-performing UAE sectors, including healthcare, education and industrial assets.
Al Mal Capital REIT (AMC REIT) the first REIT listed on the Dubai Financial Market (DFM), regulated by the Securities and Commodities Authority (SCA), and managed by Al Mal Capital PSC, a subsidiary of Dubai Investments PJSC, is inviting existing unitholders, as well as UAE and GCC individual and institutional investors, to subscribe to new units in its closed ended Real Estate Investment Trust (REIT) through a follow-on public offering (FPO).
The FPO, approved by the SCA, will issue up to 220,000,000 new units at a price of AED1.1, increasing the issued capital of the Fund from AED513,889,872 up to AED733,889,872.
The raise will be used to expand the REIT’s portfolio of income generating real estate assets carefully selected from secure growth sectors, including healthcare, education and mission-critical industrial assets.
The subscription period will run from 7th July to 25th July 2025, with trading of the new units expected to commence on the Dubai Financial Market (DFM) around 8th August 2025, subject to regulatory and market approvals.
Al Mal Capital REIT has a proven and stable track record having delivered a 7% return since 2023. It continues to target ongoing returns of c.+7% for investors. In line with this performance, the REIT is also announcing a cash dividend of AED 0.0375 per unit for the interim period ending 30 June 2025, representing an annualized yield of 7.5%. To receive this dividend, investors must purchase units no later than 24 June 2025, as only unitholders on record as of 26 June 2025 will be eligible.
Commenting on the FPO Naser Al Nabulsi, Vice Chairman and CEO at Al Mal Capital, said, “There is a growing investor appetite for Regional REITs as shown by recent offerings on the DFM that saw record-breaking retail participation, especially in the UAE. We are therefore pleased that we can offer more investors a chance to access Al Mal Capital REIT, the first REIT listed on the DFM, which continues to deliver strong and consistent dividends. Our focus on resilient real estate sectors which offer sustainable and recurring income based on secure cashflow and long-term demand, will be very attractive for both institutional and retail buyers.”
Al Mal Capital REIT is managed by an experienced and respected investment team with a strong track record in managing income-generating commercial real estate assets. AMC REIT benefits from a robust SCA regulated REIT framework, and oversight from an experienced committee, which qualifies opportunities, oversees and ensures the fund’s compliance with regulatory standards.
The FPO is open to UAE and GCC retail and institutional investors. A priority allocation will be available to subscribers who already hold units in AMC REIT, and whose names appear in the register of unitholders as of 26th June 2025 (the “Record Date”). These investors will be allocated units equal to approximately +39% of their current holdings, ensuring their ownership remains undiluted following the capital increase.
A secondary allocation of unsubscribed units, after completion of the priority allocation, will have a Minimum Guaranteed Allocation (MGA) of up to 2,000 units per eligible new subscriber, subject to request and availability.
Al Mal Capital REIT is a closed ended real estate investment trust (REIT) that is currently invested in a diversified portfolio of income generating real estate assets in the UAE, based on secure long-term lease agreements with a strong credit profile. The Fund gives UAE and GCC investors access to an asset class with long-term fundamentals, based on a strategy focused on investing in strong-performing UAE sectors, including healthcare, education and industrial assets.
Aldar upgraded to ‘A’ rating in MSCI ESG Rating assessment
Aldar upgraded to ‘A’ rating in MSCI ESG Rating assessment
Aldar has been upgraded to an ‘A’ rating in the latest MSCI ESG Rating assessment, placing the company in the top quartile of real estate companies tracked by MSCI globally.
The rating upgrade reflects the company’s continued progress in strengthening its environmental, social, and governance practices across its operations in alignment with global sustainability standards.
MSCI is a leading global rating agency that evaluates companies’ exposure to industry-specific ESG risks and their ability to manage those risks relative to peers. The ratings are widely used by investors to evaluate how companies manage long-term risk and an ‘A’ rating signals that the integration of ESG principles into the company’s long-term strategy is having a tangible impact.
Faisal Falaknaz, Group Chief Financial and Sustainability Officer at Aldar, said, “This upgrade reflects the significant strides we’ve made in embedding ESG as a core principle of how we do business across the group. As we continue delivering on our strategic growth roadmap, we remain committed to responsible value creation and transparency, ensuring we contribute positively to our stakeholders, the local economy, and the environment. Achieving an ‘A’ rating from MSCI is a strong endorsement of our actions and a motivating step to advance our position within the top quartile of our sector globally.”
Aldar’s strongest increase in performance came from an improvement in governance practices, with the company’s corporate behaviour score, measuring both business ethics and transparency, increasing by 2.1 points, reaching 8.3 out of 10. This is at the top end for the sector in EMEA emerging markets. The best-in-class corporate behaviour, in tandem with gains across environmental assessment category, drove the overall upgrade from MSCI.
Aldar has been upgraded to an ‘A’ rating in the latest MSCI ESG Rating assessment, placing the company in the top quartile of real estate companies tracked by MSCI globally.
The rating upgrade reflects the company’s continued progress in strengthening its environmental, social, and governance practices across its operations in alignment with global sustainability standards.
MSCI is a leading global rating agency that evaluates companies’ exposure to industry-specific ESG risks and their ability to manage those risks relative to peers. The ratings are widely used by investors to evaluate how companies manage long-term risk and an ‘A’ rating signals that the integration of ESG principles into the company’s long-term strategy is having a tangible impact.
Faisal Falaknaz, Group Chief Financial and Sustainability Officer at Aldar, said, “This upgrade reflects the significant strides we’ve made in embedding ESG as a core principle of how we do business across the group. As we continue delivering on our strategic growth roadmap, we remain committed to responsible value creation and transparency, ensuring we contribute positively to our stakeholders, the local economy, and the environment. Achieving an ‘A’ rating from MSCI is a strong endorsement of our actions and a motivating step to advance our position within the top quartile of our sector globally.”
Aldar’s strongest increase in performance came from an improvement in governance practices, with the company’s corporate behaviour score, measuring both business ethics and transparency, increasing by 2.1 points, reaching 8.3 out of 10. This is at the top end for the sector in EMEA emerging markets. The best-in-class corporate behaviour, in tandem with gains across environmental assessment category, drove the overall upgrade from MSCI.
CB #UAE imposes financial sanction of $545k on exchange house
CBUAE imposes financial sanction of $545k on exchange house
The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount AED2,000,000 on an exchange house operating in the UAE, pursuant to Article 137 of the Decretal Federal Law No. 14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
The financial sanction has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with AML/CFT policies and procedures.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses industry and the UAE financial system.
The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount AED2,000,000 on an exchange house operating in the UAE, pursuant to Article 137 of the Decretal Federal Law No. 14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
The financial sanction has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with AML/CFT policies and procedures.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses industry and the UAE financial system.
Strait of Hormuz: Mideast Oil Flows Dived Monday, Set to Rebound - Bloomberg
Strait of Hormuz: Mideast Oil Flows Dived Monday, Set to Rebound - Bloomberg
The flow of oil out of the Persian Gulf plunged on Monday — a sign that some owners have have been wary of the security situation — but are on course to recover sharply.
Outbound tanker shipments via the vital Strait of Hormuz, a waterway handling a fifth of the world’s oil, declined by 45% compared with average flows observed this month, according to vessel tracking-data compiled by Bloomberg.
However, early data for Tuesday appear to show a sharp recovery — possibly a sign that vessel owners are becoming more comfortable about security risks amid a fragile ceasefire between Israel and Iran.
Still, safety in the strait remains in question, with the US accusing both parties of breaching the truce agreement announced by President Donald Trump within hours of its declaration.
The seven-day rolling average of oil tankers departing the Persian Gulf dropped to 20, from an average of 22 ships since the conflict began on June 13. Inbound flows were in line with the average.
Transits of liquefied petroleum gas tankers dropped to about one-third of previous levels on Monday, mostly reflecting inbound traffic. Liquefied natural gas carriers were within daily norms of 5-6 vessels. Inbound transits of bulk carriers remain below norms.
NOTE: This tracker will be published during heightened tensions involving Iran, and aims to capture traffic for all classes of commercial shipping.
The flow of oil out of the Persian Gulf plunged on Monday — a sign that some owners have have been wary of the security situation — but are on course to recover sharply.
Outbound tanker shipments via the vital Strait of Hormuz, a waterway handling a fifth of the world’s oil, declined by 45% compared with average flows observed this month, according to vessel tracking-data compiled by Bloomberg.
However, early data for Tuesday appear to show a sharp recovery — possibly a sign that vessel owners are becoming more comfortable about security risks amid a fragile ceasefire between Israel and Iran.
Still, safety in the strait remains in question, with the US accusing both parties of breaching the truce agreement announced by President Donald Trump within hours of its declaration.
The seven-day rolling average of oil tankers departing the Persian Gulf dropped to 20, from an average of 22 ships since the conflict began on June 13. Inbound flows were in line with the average.
Transits of liquefied petroleum gas tankers dropped to about one-third of previous levels on Monday, mostly reflecting inbound traffic. Liquefied natural gas carriers were within daily norms of 5-6 vessels. Inbound transits of bulk carriers remain below norms.
NOTE: This tracker will be published during heightened tensions involving Iran, and aims to capture traffic for all classes of commercial shipping.
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